Ethereum is struggling to gain bullish momentum, trading sideways as it faces strong resistance between $2,100 and $2,150. Significant outflows from spot ETFs, including a $53.3 million liquidation by BlackRock, are contributing to cautious market sentiment. Technical indicators currently show seller dominance, with the price trading below key moving averages.
Ethereum is experiencing uncertain times, failing to show signs of gaining momentum as investors remain cautious. The cryptocurrency is trading at $2,052 with a slight 0.28% decline over 24 hours, reflecting its struggle for clear direction.
Analyst Ted highlighted that Ethereum has been trading sideways recently. “For an upward move to be seen, ETH should first break through the resistance zone of $2,100-$2,150,” he stated.
Market sentiment has been influenced by notable ETF outflows this week. Ted pointed out a total ETF outflow of $42.1 million alongside BlackRock‘s $53.3 million ETH liquidation.
Technically, ETH is trading below significant moving averages, indicating sellers maintain an edge. The Relative Strength Index stands at 47.1, below the neutral 50 level.
The Moving Average Convergence Divergence indicator also signals negative conditions despite a slightly positive histogram. Without increased buying pressure, Ethereum could face continued sideways movement or potential losses.
